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Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

A deal between American and European regulators on derivatives has helped banks dodge a bullet. Before a compromise hatched on July 11, the Commodity Futures Trading Commission (CFTC) intended to force swaps involving United States’ counterparties to be cleared in America. That would have frozen cross-border flows and hammered volumes by creating separate regulatory jurisdictions.

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